中国企业并购加拿大矿业上市公司研究

发布时间：2018-04-22 08:48

本文选题：海外并购 + 加拿大投资　；参考：《吉林大学》2012年硕士论文

【摘要】：近年来，我国经济快速增长，如此繁荣的发展也拉动了有色金属的消费需求，这也大大提高了我国矿产资源的对外依存度。目前我国矿山基础薄弱，再生资源不能满足需要，，境外资源权益依然不多。因此国内企业在海外并购外国矿业企业越来越呈现出增长态势，而通过成熟的资本市场进行并购重组逐渐成为主流趋势，研究中国企业并购加拿大矿业上市公司具有重要的现实意义。全文分为四章：第一章，我们介绍了全球主要矿业资本市场，指出四大矿业资本中心的共性特征为，都以矿业实体产业的发展为根基，有着开放宽松的矿业资本市场规则，具有多层次的资本市场体系。分析了加拿大资本市场对矿业上市公司具有独特吸引力、概括出加拿大资本市场特征：TSX机制成熟市场规范、TSX上市成本低、TSX-V上市门槛低、加拿大股权文化浓郁、可以自由转板美国资本市场。第二章，进行了中国企业并购加拿大矿业公司的现状分析，重点进行了中国企业收购加拿大矿业企业研究。中国矿业企业并购重组随着资源品价格的不断上涨海外资源并购日趋活跃，并呈现出逐年增多趋势，参与的企业包括具有资金、技术等优势条件国内的龙头企业也有有实力的民营企业走出国门收购矿山资源。其特点可概括为海外矿产资源并购金额偏低、海外矿产资源并购由国有大型企业主导、海外矿产资源并购的积极性逐步提高。第三章，分析了中国企业并购加拿大矿业上市公司的案例，对吉恩镍业收购加拿大皇家矿业成功案例和五矿集团收购加拿大诺兰达铝业失败案例进行了刨析总结了中国企业在加拿大积累了大量的成功和失败经验，吉恩镍业收购加拿大皇家矿业是成功案例，抓住金融危机有利时机，控制海外资源，将有效提升公司镍资源储备，为公司原料供应提供强有力的保障，有利于提升公司盈利能力及可持续发展能力。五矿集团收购加拿大诺兰达铝业是失败的案例，在政治、经济、文化整合和管理方面提供了海外矿产资源并购的经验教训。第四章，研究了海外投资的必要性及可行性，并指出如果我国经济要继续保持平稳增长，在相当长的一段时间里对金属、能源等矿产品的需求水平依然较高。而在全球矿业大国中，除了发展中国家是中国投资重点外，加拿大的矿产资源储量丰富，也是全球矿业能源资本市场的中心，应该得到应有的重视。研究给出了中国企业在加拿大的矿业投资机会与建议，其投资方式有合作经营、收购兼并、投资参股和直接投资。同时在加拿大进行矿业投资，即要有国际视野又要分析清楚标的资产所处价值链的环节，针对其收益风险特征设计合适的融资模式和交易结构。要透彻研究运营加拿大企业的法律法规，包括税收、公司法、环保、等方面。要积极发挥第三方咨询机构的作用。本文主要研究结论有： 1．通过资本市场进行并购重组矿业企业具有可操作性。 2．中国矿业企业海外并购重组现状的特点可概括为海外矿产资源并购金额偏低、海外矿产资源并购由国有大型企业主导、海外矿产资源并购的积极性逐步提高。 3．中国企业在加拿大积累了大量的成功和失败经验，包括吉恩镍业收购加拿大皇家矿业的成功案例以及五矿集团收购加拿大诺兰达铝业的失败案例，并总结出了他们在政治、经济、文化整合和管理等方面的海外矿产资源并购的经验教训。 4．研究了中资公司实施海外矿业投资以及并购的必要性、可行性及有利条件，并给出了建议。
[Abstract]:In recent years, our country's economy has been growing rapidly, and so flourishing development has also led to the consumption demand of non-ferrous metals, which has greatly improved the dependence of mineral resources on our country. At present, our country's mining foundation is weak, the regenerated resources can not meet the needs and the rights and interests of overseas resources are still not much. Therefore, domestic enterprises are acquiring foreign mining enterprises in overseas. The growth trend is becoming more and more, and the merger and reorganization gradually becomes the mainstream trend through the mature capital market. It is of great practical significance to study the merger and acquisition of Canadian mining companies by Chinese enterprises. The full text is divided into four chapters.
In the first chapter, we introduce the world's major mining capital market, and point out that the common features of the four major mining capital centers are based on the development of the mining entity industry, with open and loose mining capital market rules and a multi-level capital market system. Gravity, summed up the characteristics of the Canadian capital market: TSX mechanism mature market standard, low cost of TSX listing, low threshold of TSX-V listing, rich Canadian equity culture, can freely transfer the US capital market.
In the second chapter, the current situation of the merger and acquisition of Canadian mineral company by Chinese enterprises is carried out, and the research on the acquisition of Canadian mining enterprises by Chinese enterprises is focused on. Technology and other advantages, the leading enterprises in China also have the powerful private enterprises to go out of the country to acquire mine resources. The characteristics can be summarized as that the amount of overseas mineral resources M & A is low, the overseas mineral resources M & A is dominated by large state-owned enterprises, and the enthusiasm of Overseas Mineral Resources M & A is gradually improved.
In the third chapter, the case of Chinese companies' Merger and acquisition of Canadian mining companies is analyzed, and the successful cases of the acquisition of Royal Canadian mining in Canada and the failure of the five mine group to buy alalan aluminum in Canada are analyzed and analyzed. The Chinese enterprises have accumulated a lot of successful and failed experiences in Canada. The great Royal mining industry is a successful case. To seize the opportunity of the financial crisis and control the overseas resources, it will effectively enhance the company's nickel resource reserve, provide strong guarantee for the company's raw material supply, and improve the company's profitability and sustainable development ability. Cultural integration and management provide experience and lessons for overseas mineral resources mergers and acquisitions.
The fourth chapter studies the necessity and feasibility of overseas investment, and points out that if China's economy is to continue to maintain a steady growth, the demand for metals, energy and other minerals is still higher in a fairly long period of time. In the global mining country, in addition to the development of China is the focus of China's investment, the mineral resources of Canada are stored. It is also the center of the global market for mining energy capital. It should be paid attention to. The research gives the investment opportunities and suggestions of Chinese enterprises in Canada. The investment methods include cooperative operation, acquisition, merger, investment participation and direct investment. The link of the value chain of the assets of the Chu label designs appropriate financing and transaction structures for its income risk characteristics. A thorough study of the laws and regulations for the operation of Canadian enterprises, including tax, corporate law, environmental protection, etc., should be used actively for the third party advisory bodies.
The main conclusions of this paper are as follows:
1. merger and reorganization of mining enterprises through capital market is operable.
2. the characteristics of the current situation of Chinese mining enterprises' overseas mergers and acquisitions can be summarized as that the amount of overseas mineral resources M & A is low, the M & A of overseas mineral resources is dominated by large state-owned enterprises, and the enthusiasm for M & A of overseas mineral resources is gradually improved.
3. Chinese enterprises have accumulated a lot of experience of success and failure in Canada, including the successful cases of the acquisition of Royal Canadian mining by Jean nickle and the failure of the five mine group to buy alalan aluminum in Canada, and summed up their experience in the acquisition of mineral resources abroad in the aspects of political, economic, cultural integration and management. Training.
4., the necessity, feasibility and favorable conditions of Chinese invested companies in overseas mining investment and mergers and acquisitions are studied, and suggestions are given.

【学位授予单位】：吉林大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F832.51;F416.1

【参考文献】